Search found 7730 matches

by Otto Dargan
Fri Feb 26, 2010 7:45 am
Forum: Home Loan Forum
Topic: Home loan query????
Replies: 1
Views: 6726

Re: Home loan query????

Hi, this is a question for your conveyancer or solicitor as the rules for this situation vary from state to state and contract to contract. In many states there is a cooling off period or a finance clause that allows you to exit the contract if your finance is declined. However once that clause expires (usually within one to three weeks) then there is often no way of exiting the contract and if you do not settle then your deposit is kept by the vendor!

It is quite common for people to be late for settlement, and in these cases they are often charged penalty interest by the vendor. So in many cases the deposit isn't taken unless settlement hasn't happened a few weeks later.

Again this is all general info, I would recommend that you talk to your conveyancer to find out the best way to go.
by Otto Dargan
Tue Feb 23, 2010 1:37 pm
Forum: Home Loan Forum
Topic: Home laon query
Replies: 2
Views: 7931

Re: Home laon query

It depends! The bank may ask for statements later on or may later approve the loan with the condition that statements be provided. As a general rule ANZ, WBC & SGB do not often ask for statements for a purchase. CBA & NAB tend to ask for statements in some circumstances. Other lenders tend not to ask for statements.

I would discuss this with your bank manager or mortgage broker for more clarification.
by Otto Dargan
Thu Feb 18, 2010 2:08 pm
Forum: Home Loan Forum
Topic: What options do I have?
Replies: 1
Views: 6898

Re: What options do I have?

Hi,

I'm sorry to hear about what has happened, that sounds terrible. You would either have to have a 10% or so deposit and then you could get a 90% loan or you would need to have a guarantor who would use their house to guarantee your loan in which case you could borrow 100%. I wish I had a better option for you, however the banks make the rules!

Thanks
by Otto Dargan
Thu Feb 18, 2010 7:28 am
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 11735

Re: What are our options?

Yes I think it would be possible to get you an approval. I can't be sure until we see the full details of your situation however based on the information provided I am confident we could help you. I haven't completed serviceability calculations as there is much more information required. For us to do that we would need the full details of your situation.

I doubt you would be able to borrow the extra $30k to reduce your current loan so you could sell your property. There are a few lenders that could consider this however they would very likely decline your loan due to either their credit score or an assessment of your net asset position.
by Otto Dargan
Wed Feb 17, 2010 12:36 pm
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 11735

Re: What are our options?

Just to clarify we'd need to know the full details of your situation to work out if you can afford the loan. One of our brokers can do this over the phone or you can send all of your documents such as payslips and loan statements that way we can give you a more accurate assessment.
by Otto Dargan
Wed Feb 17, 2010 12:35 pm
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 11735

Re: What are our options?

Hi,

Yes it may be possible to get a loan with a guarantee from your parents. With a guarantor home loan it is possible to go with a lender that does not require genuine savings and does not need a deposit.

The main concern would be that you can afford the debt. As you have an existing property the lenders would assess your loan on the basis that your current property becomes an investment property. Because you owe more than the property value you would not be able to sell this property at the moment.

I would only suggest that you consider a guarantor loan if you meet the following conditions:

1. Have a clear credit history.
2. Have excellent repayments on your current loan for the last 6 months.
3. Can afford the new loan repayments as well as your current repayments (we can estimate rent income and calculate this for you).
4. If you can commit to making extra repayments on the new loan to get rid of the guarantee as quickly as possible.
5. You do not apply for any new car loans / credit cards. Once you own a home you shouldn't rely on car finance, it can cause you to go backwards and end up in serious trouble.

I hope that helps. Please call us on 1300 889 743 if you would like to go through your situation in detail with one of our brokers that specialises in guarantor lending.

Thanks!
by Otto Dargan
Tue Feb 16, 2010 3:29 pm
Forum: Home Loan Forum
Topic: Any chance?
Replies: 1
Views: 7039

Re: Any chance?

The maximum you could borrow with a no genuine savings loan would be 90% of the purchase price. If this plus the grant is enough to cover the costs then you may be able to do it. The possible problems are:

* Lenders need to know why you haven't been able to save. Good reasons are because you have been paying rent, been overseas, recently been married etc.
* If you have any credit problems then your loan will be declined.
* With an off the plan purchase you take the risk that lenders change their policy or the valuation changes between now and completion. If so then you may be left without a loan on settlement day! So it is good to have a backup source of funds such as family.
by Otto Dargan
Tue Feb 16, 2010 7:37 am
Forum: Home Loan Forum
Topic: parents help
Replies: 1
Views: 6748

Re: parents help

Yes it is possible to have cash as security for a guarantee. Your mother would need to put her funds into a term deposit with the lender you are going with and then they could use this as security for a loan. Note that not all lenders have this option, in fact only a couple allow you to do this.
by Otto Dargan
Mon Feb 15, 2010 4:21 pm
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 12207

Re: Line of Credit

For both options the rate is in the range 5.9% to 6.1% (at current rates). Fees depend on if you go for a basic loan (est $700 establishment fees including hidden fees, no ongoing fees) or a professional pack (Est $100 in establishment fees and $300 to $400 in annual fees). For a line of credit as such the rate may be closer to 6.6% however I believe you can achieve your goal with a cheaper basic loan.

Please call us on 1300 889 743 to discuss further details.
by Otto Dargan
Mon Feb 15, 2010 7:32 am
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 12207

Re: Line of Credit

Yes a standard apartment would be fine as security as long as it was over 50m2 not including balconies and car spaces. Smaller apartments may be accepted on a case by case basis.

Yes the income evidence you have listed is correct. These loans are available as a line of credit however a normal home loan can also be used for any worthwhile purpose, so you could use either type of loan.

The interest rates on both loan types are very competitive with excellent discounts below the bank standard variable rate.
by Otto Dargan
Sun Feb 14, 2010 5:51 pm
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 12207

Re: Line of Credit

Hi Mikey,

As long as your income from working with your friend is sufficient to repay the loan then we may be able to help you. If you are employed however your income is hard to prove then as a general rule we can get you a no payslips home loan for up to 80% of your property value. The only requirements of the lender is a letter from your employer as evidence of your income. If you cannot provide any evidence whatsoever then we can get you a loan for up to 60% of the property value.

Please call us on 1300 889 743.
by Otto Dargan
Fri Feb 12, 2010 5:40 pm
Forum: Home Loan Forum
Topic: Bad Credit
Replies: 1
Views: 6639

Re: Bad Credit

Hi,

Please call Veda to see if it will remain on your file if you pay it now. My understanding is that if the 5 yrs is up and this has not been paid then the Telecom company can relist the default so it stays there for another 5 years! Please discuss this with Veda Advantage as I am not so sure.

If this is removed from your credit file then banks will not take it into account when assessing a loan application, so we can get you an excellent loan at a discounted rate.

Thanks
by Otto Dargan
Thu Feb 11, 2010 8:26 am
Forum: Home Loan Forum
Topic: rental income letter
Replies: 1
Views: 7060

Re: rental income letter

Lenders will not accept a rental letter from a builder. It must be from a licensed real estate agent. The same rental income letter template can be used for properties to be built. It just has to say "I have discussed the details of the proposed dwelling at 1 ABC St Sydney NSW 2000 with your customer John Smith and estimate that when complete it will achieve an estimate market rental of $300 / week."
by Otto Dargan
Thu Feb 11, 2010 8:23 am
Forum: Home Loan Forum
Topic: Employment Letter
Replies: 5
Views: 15284

Re: Employment Letter

It is highly unlikely that you will get approval. Westpac's agency employed / contractor policy is that two years tax returns are required, they average the income received over those two years. If <2 years in current employment then the application is outside of policy. Generally they would be declined. If you borrow >80% of the property value then your loan is subject to LMI and the loan would be almost certainly declined.

We could refinance to another lender that accepts agency employees as long as they have been in their job for at least one day and that their income can be confirmed.
by Otto Dargan
Thu Feb 11, 2010 8:10 am
Forum: Home Loan Forum
Topic: 100% Loan
Replies: 1
Views: 6977

Re: 100% Loan

Hi Peta,

Indicatively you should be eligible for a guarantor loan. It will also depend on how much equity your parents / brother have in their home. Feel free to give us a call and we can go through it in detail with you. Please ask your family how much their home is worth, how much they owe and with what lender before you call us.

Thanks